This week is The Association of Lifetime Lawyers: Update Your Will Week, and to mark the occasion we have asked our expert team of solicitors some important things people should take into account when executing a will.
The Executor of an individual’s will is the person appointed to deal with the deceased’s estate – everything they have left behind, in terms of property, finances, belongings, and even dependents. Taking on the role of Executor is a lot of responsibility – responsibility at a time when you may be feeling distressed or upset after the loss of a loved one. But there are things you can do to make the job a little easier.
From Prosperity’s dedicated and experienced Private Client team, here are a few things you might want to consider if appointed Executor of a loved one’s estate.
- Be prepared
In almost all cases, the executor of a person’s estate will be made aware of the fact, before the person has passed away. If this is the case for you, there are preparations you can make as soon as you’ve been told of your new role.
For example, be sure you know where the will is kept, as well as the location of important documents like deeds, insurance policies, or partnership documents. Keeping these in one safe place will make things easier when the time comes. You might also want to discuss with the individual how you might access online accounts and portals, whether in relation to banks, shares, or pensions.
It’s also worth noting that not all personal belongings will be listed in a will, so you may want to discuss with the testator who they want to leave certain items to, for example items with low financial value, but high sentimental value.
- Consult a solicitor for advice
Quite often, people will appoint more than one executor of an estate, to lessen the burden on one person, and in case one of the executors should die before the testator. Whilst this support from a co-executor can be invaluable, it’s also a good idea to consult a solicitor.
Whether it’s your family solicitor, a professional known to you, or someone entirely new with a solid reputation – a lawyer will be able to examine the will, talk you through the process, and raise any relevant points you may wish to consider.
As an executor of the estate, you do carry financial liability, meaning that if any other beneficiaries were to lose out due to your actions (or lack of action) you can be held financially responsible – so taking expert advice is most likely a good idea.
- Document and protect all assets
Assets listed in an estate include an array of things, including cash, finances, stocks and shares, property, and personal belongings. As the Executor you are responsible for the safety of these assets, and you should take appropriate action to ensure they are protected – from decrease in value, as well as from theft, loss, or damage.
This might include changing locks on property, keeping appropriate insurances in place for any goods or property, even selling assets where appropriate. Just ensure that if you’re doing so – you pay heed to point four on this list!
To aid with transparency over how you handled the estate (should it ever come into question) you may wish to organise and document everything and keep these detailed records safe in case there is ever any enquiry into how the estate was handled.
- Separate the personal from your role as executor
It perhaps goes without saying, but your role as Executor needs to be separated from your personal wishes, and any activity in relation to the estate should also be kept separate from your personal finances and affairs.
Any assets that come into your hands, income received, and debts paid should be tracked. You may want to set up a separate bank account to keep moneys separate from your own finances. It also might be a good idea to communicate regularly and openly with other beneficiaries in the will. After all, they will have the right to enquire about how the estate has been handled, and you should be able to evidence any activity undertaken on your part.
- Respect the testator’s wishes
Now, a person’s final will and testament is their parting expression of their wishes, and all that they want to happen upon their passing. And there may be cases where strange requests are made, or demands that you don’t necessarily agree with.
You may have heard stories of people leaving their fortunes to a pet dog or goldfish, or leaving disagreeable items to relatives they disliked in life. And whilst you may disagree with an action, bequest, or even outlined funeral arrangement – it is your job to honor their last wishes where appropriate.
It goes without saying, that if you have specific wishes you want to be carried out in the case of your death – writing a will is absolutely crucial. It’s also vitally important if you have dependents, adopted children, or wider beneficiaries that you wish to be recognised upon your death.
If you wish to discuss your estate, and plan accordingly, get in touch with Head of Private Client, John Paul Dennis on JPD@ProsperityLaw.com or give us a call on 0151 909 8657
